How To Read Forex Economic Calendar – 8 Most Important Steps to Successful Forex Trading

March 1, 2012 by  
Filed under Forex Trading

How To Read Forex Economic Calendar

After months of practice and learning, every struggling novice trader begins to wonder whether the decision to enter forex trading was actually a big mistake. Why do other traders make money and I don’t? Do these successful individuals possess any special qualities? Can I improve myself in order to finally start making money?

How To Read Forex Economic Calendar

In order to become profitable in forex, you need to not only learn and practice, but work hard in improving yourself. Below are the major characteristics needed in order to become successful. If you already possess the essential traits – good for you! Just keep practicing and soon you will see the cash flow. If you don’t have the necessary traits yet – don’t give up. Start working on yourself. It is possible to craft yourself into a trader.
So, here goes:
1. Don’t Copy

Copying others is absolutely useless in forex. Every trader is unique and his/her strategies fit their personality and goals. You cannot rely on anyone else but yourself.
2. Be Disciplined

Stick to the plan, even when your self-esteem is over the top. Use your experience and knowledge of the market to make the right decisions, instead of irrational i-can-make-a-million-right-now conclusions, without skipping any important steps in your trading plan.

3. Accept Losses with Grace

Losses are not necessary a bad thing – write down the unfortunate experience in your trading journal, analyze why this happened and voila! You have received one of the valuable lessons by learning from your own mistakes. Practice makes perfect – so don’t freak out over the losses. Instead, learn from it and move on. The main difference between a successful trader and a novice beginner is in accepting the loss. The sooner you learn to lose, the faster you earn money!

4. Be Patient and Reasonable

Know exactly why and when to enter a trade. And here is a great tip – say all those reasons out loud. It is a great way to give a last glance before you make a final click.
Don’t expect the profitable opportunities to pop up all day long. Sometimes, it is wise to give it a break and start again the next day with a clear head. Don’t worry about missing out either, because forex market is always on the move. Not catching the big wave doesn’t mean you will be left out without any profits for ages! How To Read Forex Economic Calendar

5. Control Your Money

Forex is not just about making more and more money, but also keeping what you have already made! You need to have very strict money management rules in order to keep your losses at minimum:
· Never trade what you cannot lose
· Determine your target gains and losses before opening a position
· Use stop/loss orders to minimize the risks

6. Keep It Simple

You don’t need to use all available forex indicators and create a one of a kind Michelangelo-like-masterpiece trading strategy. Keep trading ideas to the minimum – know when to get in and out of the trades and stay away from sentences such as “Let’s stay a bit longer and see what happens”!
· Try trading daily during the same hours in order to get full grasp of currency behavior, liquidity and volatility changes.
· Don’t trade on Sundays, holidays and opening/closing of the specific market.
· Stay informed – read the news, follow the economic calendar, keep your eyes on unemployment rates, decisions on interest rates, gross domestic products, industrial production price, index consumptions, retail sales etc.
· Follow the trend – don’t try to find something that there isn’t, just follow the rend and identify the point of inversion.

7. Develop Strategies

Use free demo accounts to develop your own strategy and a good trading plan. List out several possibilities (plan a, plan b, plan c) – and always have a clear instructions from getting out of troubles. The key to success in forex is to know how to behave in different situations, instead of trying hard to predict what market will bring us today.

8. Control Yourself!

Here is the tough part – the psychological issues related to trading. It is important to stay as cold-blooded as possible by controlling your emotions.
Most importantly, don’t blame the market – blame only yourself! Are your losses still greater than profits? Stop trading right now and start analyzing your strategy. There is a flow somewhere and it is up to you to fix it. How To Read Forex Economic Calendar

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Forex Trading Fact – Understand This Fact And It Will Lead You To Currency Trading Success

August 12, 2010 by  
Filed under Currency

Attached is a fact about Forex trading that can lead to successful Forex trading if you understand its meaning and use it to implement its strategy of forex trading. . . The fact is lower, and then see its importance. Fact: 50 years ago 95% of traders lost money exchange operations and the same proportion as losses today despite all the advances in technology we’ve seen in computer power, software and Internet – 95% traders still lose. So what can you say, but the fact of thinking a little more and reached the following conclusions. – Complicated software programs have not improved earnings – Speed and quality of news delivery has not improved benefits – general technological advances have made no difference in the number of winners Many traders think that the robots Forex is the key to currency trading success, but the fact is we all lose money and so do the systems based on complicated mathematics. Get news and prices quickly, does not help either that leads to the question why? The answer is the forex market is a market-based probabilities and when you are negotiating a market based on the odds, the technology is of little help. We see the technology will enrich our lives in many other areas and I think we can help you make money in Forex but can’tThe route to success of the currency, is based on a simple robust system that simply trades the reality of price change and This has always been so. The other part of the equation for success is the user’s ability to implement your system with discipline. If you want to win, learn to forget the rich Forex robots and make sure systems rapid negotiation of fire and get a good solid education of the currency. You will then have the confidence to trade with discipline and enjoy long term currency trading success. Forex is simple, not make it more complicated than it should be.

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Forex Trading Strategy – Catch Ever Big Market Turn With This Free Tool!

August 10, 2010 by  
Filed under Currency

Many traders believe the market can be predicted and charts move to some higher force – their wrong. Another group believe the fundamentals drive prices and their wrong to – if you want to win with your forex trading strategy you need to understand the key factor which is. . . Market sentimentMarket sentiment is the views of all the traders added up and it equals price and many people totally misunderstand its importance. We all have the same facts to look at – but we all draw our own conclusions about what they mean and this is the price. So the fundamentals are NOT important, it’s what traders think of them en-masse which is and this is why you can’t trade breaking news. Charts reflect the bullish or bearish sentiment to a degree – they show you the reality of what traders think – but they don’t give you clues to the future of what humans may do next – that’s why all the clever, mathematical, predictive theories DON’T work. So how do you judge and trade sentiment? Well there is a great tool you can use and it’s free and it’s called The Net Traders Report from the CFTC. It gives you an idea of what traders are doing in currency futures but is also applicable to cash. Follow the Smart MoneyIts real advantage is it gives you free access to what the smart money is doing and this is a huge advantage in making your forex trading strategy work. The report shows you what 3 main groups are doing. The commercialsThese traders are the ones who do it as hedging and their not motivated by greed and fear and know fair value Large Speculators These are funds and big individual traders Small Speculators These are all the rest of the traders The way to use the report is to watch for the commercials to sell or buy heavily, when they are opposed by both speculator groups. The commercials move slowly as their hedging and only will do so when prices have shifted to far from fair value. The commercials have a history of being long at important market bottoms and short at market tops. When you see big extremes you know a break is coming. The way to use the report is to spit your set up and then move to your charts for confirmation. The Net Traders Report gives you the set up which indicates when prices have moved to far from fair value. You then wait for the indication of a turn on your forex charts – then hit it. Normally, once the market eases the speculators will get shaken out quickly, as they scramble to get out governed by their emotions, triggering a counter trend. The commercials are the smart money and if you want to win, you need to look at their actions – they will tell you when a market has moved to far from fair value and when greed and fear are creating a sentiment extreme. You can then hit the big contrary trades for big profits. It’s a simple, free tool that gives you an insight into sentiment and its an extremely powerful addition to your forex trading strategy.

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